Destination Maternity CEO steps down
Destination Maternity, the US maternity apparel retailer, has announced that chief executive Ed Krell has stepped down and been succeeded by former Charming Shoppes chief executive Anthony Romano.
Last month Destination Maternity abandoned attempts to take over Mothercare after the UK mother and baby products retailer rejected its proposals. It also issued its second profit warning of the year after sales fell by 5.5% to £134 million in its third quarter.
In a statement issued yesterday Krell said: "After leading the team that significantly strengthened the company over the past six years as CEO, the board and I decided that this was a logical time for a change in leadership at the company, and a logical time for me to pursue other opportunities. Destination Maternity has a bright future, and I wish Tony and the entire Destination Maternity team all the best as they continue to strengthen and grow the company."
Destination Maternity chairman Arnaud Ajdler added: “On behalf of our entire board, I would like to thank Ed for his many contributions to Destination Maternity over the past 12 years. Ed joined the company as chief financial officer in 2002 and has served as the company's chief executive officer since 2008. Under his leadership the company made important progress, strengthening management, enhancing operations, improving financial performance and increasing shareholder value."
Krell has been replaced by Anthony Romano who has previously held executive leadership positions at a number of major retail groups including Ascena, Charming Shoppes and Ann Inc.
Having joined Charming Shoppes in 2009 as executive vice president of business transformation and global sourcing, Romano was named as interim chief executive in October 2010 and chief executive in March 2011. Romano is credited with a successful turnaround of the group, which during his leadership delivered six consecutive quarters of year-on-year EBITDA growth and its first operating profit in four years.
Romano remained as president and chief executive officer of Charming Shoppes following its sale to Ascena Retail Group in May 2012, and was a member of its executive leadership group until March 2013.
Commenting on his new role, Romano said: "Destination Maternity's market leadership is founded on its commitment to helping the mom-to-be look and feel great, with concepts and products that respond to her unique style preferences, budget and how she wants to shop.
"I look forward to working with the company's many talented employees to grow the business by deepening our understanding of our customers and translating this knowledge into even more exciting collections and experiences."
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